dealing w/buyers - Posted by L. Mijares

Posted by Lyal on September 26, 2003 at 08:06:16:

I try to avoid any deals where there is no up front money paid. It’s too easy for the “renter” (that’s all they are) to bail out and leave you with a mess but then I also try to avoid being a motivated seller (not always successful at that though).
Can you at least get a co-signor or something else as collateral or to put a lien on?
Whatever you do, don’t just make it a “handshake” deal. Have it properly documented so you can go after him (garnish his wages if necessary) if the deal goes sour and he knows it. Also make it fair to you, charge interest just like a bank would so a portion of the payment goes towards the price but not all of it.
Lyal

dealing w/buyers - Posted by L. Mijares

Posted by L. Mijares on September 25, 2003 at 18:53:38:

Any advise I’m trying to sell my mobilehome, there is a friend that wants me to carry him for 3yrs. No money down just some extra money on top of the rent space to apply towards the loan. Then in six months he’ll start paying larger amounts per month to try to finsih the loan quick, the problem is he’s credit is not that clean he has unpaid credit card bills, he says due to a divorce, he said I have nothing to worry because I will hold the title until he’s paid off, I’m kind of desperate because I have been paying the rent space myself. Any thoughts?